UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on A.M. Castle & Co.
In a report published Friday, Jefferies & Company reiterated its Buy rating on A.M. Castle & Co. (NYSE: CAS), and raised its price target from $15.00 to $20.00.
Jefferies noted, “Following the announcement of CAS' restructuring plan, we have increased our TP on what we believe are defensible/conservative estimates of CAS' earnings once initiatives are implemented. While mindful valuations have expanded dramatically into the announcement, the magnitude of potential earnings/price upside if its plan is even partially successful keeps us interested in the shares at current levels.”
A.M. Castle & Co. closed on Thursday at $15.99.
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